{"id":236407,"date":"2024-03-28T13:19:03","date_gmt":"2024-03-28T17:19:03","guid":{"rendered":"https:\/\/coreywilkspsyd.com\/?p=236407"},"modified":"2024-03-28T13:19:06","modified_gmt":"2024-03-28T17:19:06","slug":"how-to-make-money","status":"publish","type":"post","link":"https:\/\/coreywilkspsyd.com\/how-to-make-money\/","title":{"rendered":"How to Make Money in a Gold Rush"},"content":{"rendered":"
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A timeless business insight that changed how I look at entrepreneurship:<\/p>\n\n\n\n

Understand who actually makes money during a gold rush.<\/p>\n\n\n\n

Here\u2019s what I mean\u2026<\/p>\n\n\n\n

Historically, there was the actual Gold Rush, right? Where tons of people travelled out west hoping to strike it rich by prospecting for gold.<\/p>\n\n\n\n

Tons of people, hoping for untold riches, enthusiastically poured what little money they had into investing in the \u201cright\u201d equipment to succeed.<\/p>\n\n\n\n

A lucky few actually found enough gold to retire. A few more found enough to make the trip worthwhile. But most lost more money than they made.<\/p>\n\n\n\n

So who actually made money during this Gold Rush?<\/strong><\/p>\n\n\n\n

Simple: The people selling shovels (and other equipment).<\/p>\n\n\n\n

And if you understand this concept, it can change how you look at entrepreneurship, too. So you can build a successful business and avoid getting conned by charlatans.<\/p>\n\n\n\n

Here\u2019s what I mean\u2026<\/p>\n\n\n\n

\u2022\u2022\u2022<\/p>\n\n\n\n

The Secret to Making Money<\/h2>\n\n\n\n

You can<\/em> make money in a gold rush by digging for gold. But this approach is gambling\u2014there\u2019s no real way of knowing if it\u2019ll work out. The only thing that\u2019s guaranteed is that you need to buy equipment that facilitates your goals.<\/p>\n\n\n\n

Savvy entrepreneurs understand this difference\u2014finding gold<\/em> is a gamble, but needing shovels<\/em> to find gold is a guarantee.<\/strong><\/p>\n\n\n\n

Why gamble when you have a guarantee staring you in the face?<\/p>\n\n\n\n

Now I said savvy entrepreneurs understand this. I didn\u2019t say savvy and morally principled<\/em> entrepreneurs understand this.<\/p>\n\n\n\n

Some entrepreneurs are charlatans who sell shovels in an amoral Machiavellian way, while others are ethical entrepreneurs who sell high-quality shovels that genuinely help people reach their goals.<\/p>\n\n\n\n

Learning to see this difference will give you an insight into how to succeed in business most people miss.<\/p>\n\n\n\n

So let\u2019s start with some examples of this concept gone wrong, then we\u2019ll move into how to use it effectively to actually help people\u2026<\/p>\n\n\n\n

\u2022\u2022\u2022<\/p>\n\n\n\n

Shovel-Selling Charlatans<\/h2>\n\n\n\n

Charlatans will sell you one thing (a fancy shovel to dig for gold), but they themselves don\u2019t make money doing that thing (digging for gold)\u2014they make money doing something else (selling fancy shovels).<\/p>\n\n\n\n

But they claim the thing they\u2019re selling will make you<\/em> money.<\/p>\n\n\n\n

Here\u2019s what I mean\u2026<\/p>\n\n\n\n